HSBC Profits Rise as U.K. Outlook Spurs Credit Loss Reversal
- Bank releases $435 million from credit loss provision
- Profit advances in all the bank’s major business areas
This article is for subscribers only.
HSBC Holdings Plc posted its best quarter since the pandemic began as an improving economic outlook drove optimism about the ability of borrowers to repay loans and its strategic reset to Asia remained on track.
First-quarter profit more than doubled as a net $435 million worth of loan loss reserves were released, spurred by the rollout of vaccination programs in markets like the U.K. Europe’s largest bank said its increasing focus on servicing wealthy Asians had also got off to a strong start.